MySuper just more red tape: Hockey

Labor is closer to introducing the scheme the government says will be simpler and cheaper for everyday Australians after the bill passed the Senate last week.

The legislation paves the way for the introduction of the government's default superannuation product, MySuper, designed to eventually replace other existing products.

But Mr Hockey says the plan places a "disgraceful" burden on Australian businesses and is just more red tape and regulation.

"And all with a political purpose from the minister of trying to support some of his mates in the industry," Mr Hockey told parliament on Monday.

"Even Santa would blush at the amount of red tape that's being used just in regulations in Australia in the past five years. Wouldn't he envy that when he's wrapping his Christmas presents for all the kiddies this year."

Mr Hockey says there are elements of the bill that the coalition will oppose - for example an automatic transfer of funds into the MySuper scheme unless employees opt out.